10 Best Gold Stocks Under $30

4. Barrick Gold Corporation (NYSE:GOLD)

Upside potential as of November 18: 37.86%

Share Price as of November 18: $17.02 

Based in Toronto, Barrick Gold Corporation (NYSE:GOLD) is one of the world’s leading gold producers, making it one of the best gold stocks under $30. The company produced over 420 million pounds of copper and nearly 4.1 million attributable ounces of gold in 2023. By the end of 2023, Barrick had substantial copper reserves and around 20 years’ worth of gold reserves. It now has mines in 19 countries across the Americas, Africa, the Middle East, and Asia after purchasing Randgold in 2019 and merging its Nevada operations into a joint venture with rival Newmont later that year.

Barrick Gold Corporation (NYSE:GOLD) has a proven track record of exploration success and a clear runway, as evidenced by the 10-year business plans or even 15- and 20-year plans for several of its mines. Barrick has maintained the highest gold reserve grade among its peers by achieving unmatched reserve base growth. Furthermore, since year-end 2019, the company has replaced approximately 140% of mined gold reserves organically, adding nearly 29 million ounces of attributable, established, and probable reserves.

As of right now, the company is expected to have a successful year-end. The revenue increased 18% year over year in Q3. While copper production increased by 12% from quarter to quarter, gold production remained consistent with the prior quarter. Compared to the previous year, net earnings per share increased by 33%. Barrick Gold Corporation (NYSE:GOLD) anticipates a successful Q4 due to higher grades at Kibali, higher production at Nevada Gold Mines, and the acceleration of the Pueblo Viejo plant project.

Jefferies maintained a Buy rating on Barrick Gold Corporation (NYSE:GOLD) shares and increased their price target from $24 to $28 on October 5, 2024. The firm, which believes gold can continue to rise in the near future, observed that rather than falling down, gold has been trading with greater torque to falling real rates. The company has raised its goals for the metals and mining stocks it covers by an average of 13% and revised its view for commodity prices.